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Dexcom Inc Financials

DXCM
Source SEC Filings (10-K/10-Q) Updated Dec 31, 2025 Currency USD FYE December

This page shows Dexcom Inc (DXCM) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 17 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Financial Health Signals

Profitability Growth Leverage Liquidity Cash Flow Returns 66 / 100
Financial Profile 66/100

Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores

Profitability
66

Dexcom Inc has an operating margin of 19.6%, meaning the company retains $20 of operating profit per $100 of revenue. This strong profitability earns a score of 66/100, reflecting efficient cost management and pricing power. This is up from 14.9% the prior year.

Growth
59

Dexcom Inc's revenue surged 15.6% year-over-year to $4.7B, reflecting rapid business expansion. This strong growth earns a score of 59/100.

Leverage
75

Dexcom Inc carries a low D/E ratio of 1.31, meaning only $1.31 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 75/100, indicating a strong balance sheet with room for future borrowing.

Liquidity
34

Dexcom Inc's current ratio of 1.88 indicates adequate short-term liquidity, earning a score of 34/100. The company can meet its near-term obligations, though with limited headroom.

Cash Flow
83

Dexcom Inc converts 23.1% of revenue into free cash flow ($1.1B). This strong cash generation earns a score of 83/100.

Returns
79

Dexcom Inc earns a strong 30.5% return on equity (ROE), meaning it generates $30 of profit for every $100 of shareholders' equity. This efficient capital use earns a returns score of 79/100. This is up from 27.4% the prior year.

Altman Z-Score Safe
6.10

Dexcom Inc scores 6.10, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($23.9B) relative to total liabilities ($3.6B). This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.

Piotroski F-Score Strong
7/9

Dexcom Inc passes 7 of 9 financial strength tests. All 4 profitability signals pass (positive income, cash flow, and earnings quality), 2 of 3 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.

Earnings Quality Cash-Backed
1.72x

For every $1 of reported earnings, Dexcom Inc generates $1.72 in operating cash flow ($1.4B OCF vs $836.3M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Interest Coverage Safe
63.8x

Dexcom Inc earns $63.8 in operating income for every $1 of interest expense ($911.8M vs $14.3M). This wide margin provides strong safety for debt servicing, even if earnings decline temporarily.

Key Financial Metrics

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Earnings & Revenue

Revenue
$4.7B
YoY+15.6%
5Y CAGR+19.3%
10Y CAGR+27.8%

Dexcom Inc generated $4.7B in revenue in fiscal year 2025. This represents an increase of 15.6% from the prior year.

EBITDA
$1.2B
YoY+42.3%
5Y CAGR+26.0%

Dexcom Inc's EBITDA was $1.2B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 42.3% from the prior year.

Net Income
$836.3M
YoY+45.1%
5Y CAGR+8.8%

Dexcom Inc reported $836.3M in net income in fiscal year 2025. This represents an increase of 45.1% from the prior year.

EPS (Diluted)
$2.09
YoY+47.2%

Dexcom Inc earned $2.09 per diluted share (EPS) in fiscal year 2025. This represents an increase of 47.2% from the prior year.

Cash & Balance Sheet

Free Cash Flow
$1.1B
YoY+70.8%
5Y CAGR+31.2%
10Y CAGR+52.6%

Dexcom Inc generated $1.1B in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 70.8% from the prior year.

Cash & Debt
$917.7M
YoY+51.4%
5Y CAGR+2.3%
10Y CAGR+26.7%

Dexcom Inc held $917.7M in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share
N/A
Shares Outstanding
385M
YoY-1.5%

Dexcom Inc had 385M shares outstanding in fiscal year 2025. This represents a decrease of 1.5% from the prior year.

Margins & Returns

Gross Margin
60.1%
YoY-0.4pp
5Y CAGR-6.3pp
10Y CAGR-9.2pp

Dexcom Inc's gross margin was 60.1% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 0.4 percentage points from the prior year.

Operating Margin
19.6%
YoY+4.7pp
5Y CAGR+4.0pp
10Y CAGR+33.8pp

Dexcom Inc's operating margin was 19.6% in fiscal year 2025, reflecting core business profitability. This is up 4.7 percentage points from the prior year.

Net Margin
17.9%
YoY+3.7pp
5Y CAGR-10.6pp
10Y CAGR+32.3pp

Dexcom Inc's net profit margin was 17.9% in fiscal year 2025, showing the share of revenue converted to profit. This is up 3.7 percentage points from the prior year.

Return on Equity
30.5%
YoY+3.1pp
5Y CAGR-5.0pp
10Y CAGR+56.5pp

Dexcom Inc's ROE was 30.5% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 3.1 percentage points from the prior year.

Capital Allocation

R&D Spending
$599.1M
YoY+8.5%
5Y CAGR+10.7%
10Y CAGR+15.9%

Dexcom Inc invested $599.1M in research and development in fiscal year 2025. This represents an increase of 8.5% from the prior year.

Share Buybacks
$500.0M
YoY-33.3%

Dexcom Inc spent $500.0M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 33.3% from the prior year.

Capital Expenditures
$363.5M
YoY+1.3%
5Y CAGR+12.8%
10Y CAGR+27.0%

Dexcom Inc invested $363.5M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 1.3% from the prior year.

DXCM Income Statement

Metric Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24 Q1'24
Revenue $1.3B+4.2% $1.2B+4.5% $1.2B+11.7% $1.0B-7.0% $1.1B+12.0% $994.2M-1.0% $1.0B+9.0% $921.0M
Cost of Revenue $466.9M-2.3% $477.9M+2.0% $468.3M+4.8% $447.0M-2.3% $457.7M+14.3% $400.4M+6.0% $377.6M+5.2% $359.1M
Gross Profit $792.7M+8.4% $731.4M+6.2% $688.8M+16.9% $589.0M-10.2% $655.8M+10.4% $593.8M-5.2% $626.7M+11.5% $561.9M
R&D Expenses $148.2M-5.9% $157.5M+6.3% $148.2M+2.1% $145.2M+4.1% $139.5M+3.0% $135.4M-0.4% $136.0M-3.9% $141.5M
SG&A Expenses $321.5M-3.0% $331.4M+1.0% $328.0M+5.8% $310.1M-5.3% $327.4M+6.9% $306.4M-7.9% $332.7M+4.2% $319.3M
Operating Income $323.0M+33.2% $242.5M+14.1% $212.6M+59.0% $133.7M-29.2% $188.9M+24.3% $152.0M-3.8% $158.0M+56.3% $101.1M
Interest Expense $3.1M-16.2% $3.7M-2.6% $3.8M+2.7% $3.7M+32.1% $2.8M-24.3% $3.7M-2.6% $3.8M-17.4% $4.6M
Income Tax $73.4M+7.2% $68.5M+11.7% $61.3M+25.4% $48.9M-18.0% $59.6M+39.3% $42.8M-3.4% $44.3M+418.7% -$13.9M
Net Income $267.3M-5.8% $283.8M+57.8% $179.8M+70.6% $105.4M-30.5% $151.7M+12.7% $134.6M-6.2% $143.5M-2.0% $146.4M
EPS (Diluted) N/A $0.70+55.6% $0.45+66.7% $0.27 N/A $0.34-2.9% $0.35-2.8% $0.36

DXCM Balance Sheet

Metric Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24 Q1'24
Total Assets $6.3B-15.5% $7.5B+2.4% $7.3B+8.5% $6.8B+4.1% $6.5B+2.1% $6.4B-6.6% $6.8B+4.9% $6.5B
Current Assets $4.0B-22.7% $5.2B+3.8% $5.0B+10.5% $4.6B+5.9% $4.3B+0.9% $4.3B-12.1% $4.8B+4.9% $4.6B
Cash & Equivalents $917.7M-50.0% $1.8B+58.4% $1.2B+28.1% $904.9M+49.3% $606.1M-2.4% $621.2M-33.9% $939.2M+10.3% $851.2M
Inventory $629.1M+4.1% $604.1M+5.9% $570.7M+6.0% $538.2M-0.8% $542.6M-7.5% $586.3M+2.8% $570.3M-3.2% $589.1M
Accounts Receivable $1.2B+9.6% $1.1B-17.7% $1.3B+16.8% $1.2B+14.9% $1.0B+0.4% $1.0B+6.0% $945.2M-3.4% $978.6M
Goodwill $24.2M+0.4% $24.1M0.0% $24.1M+4.3% $23.1M+1.3% $22.8M-4.2% $23.8M+2.1% $23.3M+0.4% $23.2M
Total Liabilities $3.6B-24.7% $4.8B+0.4% $4.8B+6.0% $4.5B+2.4% $4.4B+0.2% $4.4B+0.2% $4.4B+3.1% $4.2B
Current Liabilities $2.1B-35.8% $3.3B+0.8% $3.3B+8.9% $3.0B+3.6% $2.9B+69.0% $1.7B+0.7% $1.7B+8.0% $1.6B
Long-Term Debt N/A N/A N/A N/A N/A N/A N/A N/A
Total Equity $2.7B+0.7% $2.7B+5.9% $2.6B+13.5% $2.3B+7.8% $2.1B+6.2% $2.0B-18.7% $2.4B+8.3% $2.2B
Retained Earnings $2.4B+12.3% $2.2B+15.1% $1.9B+10.6% $1.7B+6.6% $1.6B+10.5% $1.4B+10.3% $1.3B+12.3% $1.2B

DXCM Cash Flow Statement

Metric Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24 Q1'24
Operating Cash Flow $294.0M-55.4% $659.9M+117.8% $303.0M+64.9% $183.8M-39.0% $301.4M+51.1% $199.5M-28.6% $279.4M+33.6% $209.2M
Capital Expenditures $101.9M+26.6% $80.5M-14.5% $94.1M+8.2% $87.0M-30.2% $124.6M+12.1% $111.2M+68.2% $66.1M+16.2% $56.9M
Free Cash Flow $192.1M-66.8% $579.4M+177.4% $208.9M+115.8% $96.8M-45.2% $176.8M+100.2% $88.3M-58.6% $213.3M+40.1% $152.3M
Investing Cash Flow $306.6M+59.0% $192.8M+403.1% -$63.6M-163.5% $100.2M+133.0% -$303.7M-244.4% $210.3M+211.3% -$188.9M-352.5% $74.8M
Financing Cash Flow -$1.5B-769.8% -$175.0M-10194.1% -$1.7M-113.6% $12.5M+881.3% -$1.6M+99.8% -$736.5M-52507.1% -$1.4M-129.8% $4.7M
Dividends Paid N/A N/A N/A N/A N/A N/A N/A N/A
Share Buybacks $312.8M N/A N/A N/A $0-100.0% $750.0M N/A N/A

DXCM Financial Ratios

Metric Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24 Q1'24
Gross Margin 62.9%+2.4pp 60.5%+0.9pp 59.5%+2.7pp 56.9%-2.0pp 58.9%-0.8pp 59.7%-2.7pp 62.4%+1.4pp 61.0%
Operating Margin 25.6%+5.6pp 20.1%+1.7pp 18.4%+5.5pp 12.9%-4.1pp 17.0%+1.7pp 15.3%-0.4pp 15.7%+4.8pp 11.0%
Net Margin 21.2%-2.2pp 23.5%+7.9pp 15.5%+5.4pp 10.2%-3.4pp 13.6%+0.1pp 13.5%-0.8pp 14.3%-1.6pp 15.9%
Return on Equity 9.7%-0.7pp 10.4%+3.4pp 7.0%+2.3pp 4.7%-2.6pp 7.2%+0.4pp 6.8%+0.9pp 5.9%-0.6pp 6.5%
Return on Assets 4.2%+0.4pp 3.8%+1.3pp 2.5%+0.9pp 1.6%-0.8pp 2.3%+0.2pp 2.1%0.0pp 2.1%-0.1pp 2.3%
Current Ratio 1.88+0.3 1.56+0.0 1.52+0.0 1.50+0.0 1.47-1.0 2.46-0.4 2.82-0.1 2.90
Debt-to-Equity 1.31-0.4 1.75-0.1 1.85-0.1 1.98-0.1 2.08-0.1 2.21+0.4 1.79-0.1 1.89
FCF Margin 15.3%-32.7pp 47.9%+29.9pp 18.1%+8.7pp 9.3%-6.5pp 15.9%+7.0pp 8.9%-12.4pp 21.2%+4.7pp 16.5%

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Frequently Asked Questions

Dexcom Inc (DXCM) reported $4.7B in total revenue for fiscal year 2025. This represents a 15.6% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

Dexcom Inc (DXCM) revenue grew by 15.6% year-over-year, from $4.0B to $4.7B in fiscal year 2025.

Yes, Dexcom Inc (DXCM) reported a net income of $836.3M in fiscal year 2025, with a net profit margin of 17.9%.

Dexcom Inc (DXCM) reported diluted earnings per share of $2.09 for fiscal year 2025. This represents a 47.2% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Dexcom Inc (DXCM) had EBITDA of $1.2B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

Dexcom Inc (DXCM) had a gross margin of 60.1% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

Dexcom Inc (DXCM) had an operating margin of 19.6% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

Dexcom Inc (DXCM) had a net profit margin of 17.9% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

Dexcom Inc (DXCM) has a return on equity of 30.5% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

Dexcom Inc (DXCM) generated $1.1B in free cash flow during fiscal year 2025. This represents a 70.8% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

Dexcom Inc (DXCM) generated $1.4B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

Dexcom Inc (DXCM) had $6.3B in total assets as of fiscal year 2025, including both current and long-term assets.

Dexcom Inc (DXCM) invested $363.5M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

Dexcom Inc (DXCM) invested $599.1M in research and development during fiscal year 2025.

Yes, Dexcom Inc (DXCM) spent $500.0M on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

Dexcom Inc (DXCM) had 385M shares outstanding as of fiscal year 2025.

Dexcom Inc (DXCM) had a current ratio of 1.88 as of fiscal year 2025, which is generally considered healthy.

Dexcom Inc (DXCM) had a debt-to-equity ratio of 1.31 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

Dexcom Inc (DXCM) had a return on assets of 13.2% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

Dexcom Inc (DXCM) has an Altman Z-Score of 6.10, placing it in the Safe Zone (low bankruptcy risk). The Z-Score combines five financial ratios—working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets—to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.

Dexcom Inc (DXCM) has a Piotroski F-Score of 7 out of 9, indicating strong financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Dexcom Inc (DXCM) has an earnings quality ratio of 1.72x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Dexcom Inc (DXCM) has an interest coverage ratio of 63.8x, meaning it can comfortably cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

Dexcom Inc (DXCM) scores 66 out of 100 on our Financial Profile, indicating strong overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.

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